Discounted Cash Flow (DCF) Analysis Unlevered

Twitter, Inc. (delisted) (TWTR)

$53.7

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 204.93 | 53.7 | undervalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,443.30	3,042.36	3,459.33	3,716.35	5,077.48	6,121.91	7,381.18	8,899.47	10,730.08	12,937.23
Revenue (%)
EBITDA	405.69	981.65	993.87	597.12	184.92	1,191.44	1,436.52	1,732	2,088.27	2,517.83
EBITDA (%)
EBIT	9.82	556.15	528.32	101.94	-359.93	362.52	437.09	527	635.41	766.11
EBIT (%)
Depreciation	395.87	425.50	465.55	495.18	544.85	828.92	999.42	1,205	1,452.87	1,751.72
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	4,403.10	6,209.40	6,639.05	7,472.30	6,393.68	11,058.80	13,333.58	16,076.27	19,383.13	23,370.21
Total Cash (%)
Account Receivables	664.27	788.70	850.18	1,041.74	1,217.40	1,587.97	1,914.61	2,308.45	2,783.29	3,355.81
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	170.97	145.19	161.15	194.28	203.17	314.14	378.76	456.67	550.61	663.86
Accounts Payable (%)
Capital Expenditure	-160.74	-483.93	-540.69	-873.35	-1,011.55	-998.33	-1,203.69	-1,451.29	-1,749.81	-2,109.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 53.7
Beta	0.000
Diluted Shares Outstanding	787.86
Cost of Debt
Tax Rate	46.14
After-tax Cost of Debt	0.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.585
Total Debt	5,546.57
Total Equity	42,308.14
Total Capital	47,854.71
Debt Weighting	11.59
Equity Weighting	88.41
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,443.30	3,042.36	3,459.33	3,716.35	5,077.48	6,121.91	7,381.18	8,899.47	10,730.08	12,937.23
EBITDA	405.69	981.65	993.87	597.12	184.92	1,191.44	1,436.52	1,732	2,088.27	2,517.83
EBIT	9.82	556.15	528.32	101.94	-359.93	362.52	437.09	527	635.41	766.11
Tax Rate	-13.25%	-184.64%	-275.68%	-2,129.38%	46.14%	-511.36%	-511.36%	-511.36%	-511.36%	-511.36%
EBIAT	11.12	1,583.05	1,984.77	2,272.61	-193.84	2,216.33	2,672.23	3,221.90	3,884.64	4,683.71
Depreciation	395.87	425.50	465.55	495.18	544.85	828.92	999.42	1,205	1,452.87	1,751.72
Accounts Receivable	-	-124.43	-61.48	-191.56	-175.66	-370.57	-326.64	-393.83	-474.84	-572.52
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-25.78	15.96	33.13	8.89	110.97	64.62	77.91	93.94	113.26
Capital Expenditure	-160.74	-483.93	-540.69	-873.35	-1,011.55	-998.33	-1,203.69	-1,451.29	-1,749.81	-2,109.75
UFCF	246.25	1,374.40	1,864.11	1,736.01	-827.31	1,787.32	2,205.94	2,659.69	3,206.79	3,866.42
WACC
PV UFCF						1,716.76	2,035.20	2,356.97	2,729.61	3,161.16
SUM PV UFCF										11,999.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.11
Free cash flow (t + 1)	3,943.75
Terminal Value	186,907.45
Present Value of Terminal Value	152,814.43

Intrinsic Value

Enterprise Value	164,814.14
Net Debt	3,360.03
Equity Value	161,454.11
Shares Outstanding	787.86
Equity Value Per Share	204.93